Obama: Compromise on Behalf of the American People

President Obama urges both Republicans and Democrats to take action to avoid defaulting for the first time in our nation's history. Video courtesy of whitehouse.gov via NewsCore.

This transcript has been automatically generated and may not be 100% accurate.

I ... today I'd like to speak with the about the ongoing and Virgin efforts toward its first ever default ... and get our fiscal house in order ... Republicans Vows represented just spent precious days trying to pass a plan ... that a majority of Republicans and Democrats in the Senate has already said that one ball ... it's a plant that once all of our fiscal problems ... but what forces to relive this crisis in just a few short months ... to hold our economy captive to Washington politics once again ... if anything the past few weeks have demonstrated ... that stocks ... any solution to avoid default ... must be bipartisan ... it must have the support of all parties ... were sent here to represent the American people ... I just want action of one part ... they're multiple ways results prop ... Congress must find common ground ... on a plan that can get support ... from both parties ... in the house and in the summer ... it's gonna be a plan that I can sign by Tuesday ... the parties are not that far partner ... the drug agreement on how much spending we need to cut to reduce our deficit ... and we agree our process to tackle tax reform entitlement reform ... there are plenty of ways out of this mess but there's very little time ... we need to reach a compromise by two strips of our country will have the ability to pay its bills on time ... feels like Social Security checks ... veterans benefits ... and contracts week signed with thousands of American businesses ... if we don't ... for the first time ever ... we could lose our country's triple A credit rating ... because the genetic testing repair bills ... we do ... but because we didn't have a Triple a political system to match ... make no mistake ... for those who work flexibly oppose tax increases ... on anybody ... or credit rating could be a tax increase on everybody ... we all pay higher interest rates on mortgages car loans ... and credit cards ... that would be inexcusable ... and entirely self-inflicted by Washington ... the powerless all this is in our hands ... all that needed is a simple vote ... the Democrats and Republicans are taken for decades ... including all the leaders in Congress today ... who was on eighteen times enterprise or a ... seven times under George W Bush ... and must be done again ... it's not a vote allows Congress to spend more money ... raising the debt ceiling simply gives our country ... the ability to pay the bills that Congress has already racked up ... it gives the United States of America ... the building to keep its word ... and lets businesses and our economy ... breathed a sigh of relief ... on Monday night I estimate your voice heard in this debate ... the response was overwhelming ... when e-mails we received was from a woman named Kelly Smith ... who wanted to send this message to Washington ... I keep my home clean ... Kelly wrote ... artwork or full-time job give my parents any money as I can so ... they can for their medications ... I pay my bills and by all appearances on irresponsible person ... all I'm asking ... is that you the response ... I have my house in order norm asking is that you get yours the same way ... turn Washington ... we need to get our house in order ... to save Democrats in Congress ... and some summer Republicans have been lusting and shown themselves willing to make compromises to solve this crisis ... now all of us ... including Republicans in the house representatives ... need to demonstrate the same kind of responsibility ... the American people show every day ... when Pardy first is over ... the top for compromise on behalf of the American